{"id":21847,"date":"2023-05-05T10:10:00","date_gmt":"2023-05-05T17:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=21847"},"modified":"2023-05-02T09:38:08","modified_gmt":"2023-05-02T16:38:08","slug":"bcrea-q2-housing-forecast-an-uptick-in-home-sales-to-start-the-spring-housing-market-expected-to-strengthen-later-this-year","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/05\/bcrea-q2-housing-forecast-an-uptick-in-home-sales-to-start-the-spring-housing-market-expected-to-strengthen-later-this-year\/","title":{"rendered":"BCREA Q2 Housing Forecast : An Uptick in Home Sales to Start The Spring, Housing Market Expected to Strengthen Later This Year"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 May 2, 2023. The British Columbia Real Estate Association (BCREA) released its 2023 Second Quarter Housing Forecast today.<\/p>\n<p style=\"text-align: justify;\">Multiple Listing Service\u00ae(MLS\u00ae) residential sales in BC are forecast to decline 6.6% to 75,530 units this year. In 2024, MLS\u00ae residential sales are forecast to post a strong rebound, rising 19.3% to 90,100 units.<\/p>\n<p style=\"text-align: justify;\">\u201cAn uptick in home sales to start the spring, despite still high mortgage rates, indicates how much pent-up demand there is in the market waiting to be unlocked,\u201d said BCREA Chief Economist Brendon Ogmundson. \u201cWith the Bank of Canada on hold and fixed mortgage rates still stubbornly high, home sales are unlikely to fully normalize this year.\u201d<\/p>\n<p style=\"text-align: justify;\">While home sales remain close to 25% below normal, the inventory of homes for sale has not accumulated significantly as potential sellers have held off on listing their homes in a down market. While significant uncertainty surrounds the economic outlook, the current market shows no signs of financial vulnerability or highly motivated sellers. As sales recover into a low inventory market, prices will likely begin to rise month-over-month and finish the year higher than at the start. However, on an annual basis, average prices are still expected to be down about 6.1% from a record high in 2022.<\/p>\n<p><a href=\"https:\/\/www.bcrea.bc.ca\/wp-content\/uploads\/2023-05-02-forecast.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> for the complete news release, including detailed statistics.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bcrea.bc.ca\/economics\/housing-forecast\/\" target=\"_blank\" rel=\"noopener\">BCREA 2023 Second Quarter Housing Forecast &#8211; BC Housing Market Expected to Strengthen Later This Year<\/a> by Brendon Ogmundson | Chief Economist | BCREA<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 May 2, 2023. The British Columbia Real Estate Association (BCREA) released its 2023 Second Quarter Housing Forecast today. Multiple Listing Service\u00ae(MLS\u00ae) residential sales in BC are forecast &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/05\/bcrea-q2-housing-forecast-an-uptick-in-home-sales-to-start-the-spring-housing-market-expected-to-strengthen-later-this-year\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-21847","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BCREA Q2 Housing Forecast : An Uptick in Home Sales to Start The Spring, Housing Market Expected to Strengthen Later This Year &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2023\/05\/bcrea-q2-housing-forecast-an-uptick-in-home-sales-to-start-the-spring-housing-market-expected-to-strengthen-later-this-year\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA Q2 Housing Forecast : An Uptick in Home Sales to Start The Spring, Housing Market Expected to Strengthen Later This Year &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 May 2, 2023. The British Columbia Real Estate Association (BCREA) released its 2023 Second Quarter Housing Forecast today. 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